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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Aggie who wrote (51664)9/23/1999 12:45:00 AM
From: GaAs52  Read Replies (2) of 95453
 
Oil and gas Rig Count

Some numbers from BH rig count

Date----------Tot. Rig------Gas Rig----- Oil Rig

01/26/96-----703----------404--------- 291
09/05/97-----1032---------625--------- 404
04/23/99-----488----------362--------- 126
08/06/99-----616----------516--------- 98
09/17/99-----703----------570--------- 132

The numbers tell most of the recent increase in rig count is for gas. The number of rigs for gas is almost close to the 97 top numbers whereas the number of rigs for oil is not far from the recent bottom. The current number of rigs for oil is even less than half of pre-boom numbers when the total number of rigs is the same as the current total.

Is this why generous NG supply is expected hence softer NG prices? The rig numbers for oil does reflect an oil price of less than $15. Should we expect a jump on drilling activity to reflect the current price of oil? Wrong or right? Please comment.
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